ACT 2023 addressed social security sustainability in an era of risk and volatility

18/02/2024 08:25 AM

The 21st ISSA International Conference of Social Security Actuaries, Statisticians and Investment Specialists (ACT 2023) addressed how to ensure sustainable and adequate social security in a world marked by increased risk and volatility.

More than 300 participants from over 100 organizations in 66 countries registered for the most important social security event for actuaries, statisticians, and investment specialists. ACT 2023 was organized by the International Social Security Association (ISSA) and hosted by the State Employees’ Social Security and Social Services Institute (Instituto de Seguridad y Servicios Sociales de los Trabajadores del Estado – ISSSTE), in Mexico City, Mexico 5–7 December 2023.

Illustrative image (ISSA)

Sustainable and adequate social security in the context of increased risk and volatility was the overarching theme of ACT 2023. The conference assessed these challenges linked to new forms of work, demographic transitions and climate change, addressed the importance of illustrating risk to assess the sustainability of social programmes, and looked at how to mitigate risks and vulnerabilities through the design of sustainable social programmes. Furthermore, there was a focus on evolving trends in asset class and global diversification. Discussions also emphasized the importance of actuarial work in supporting social security reforms, financial planning and governance of social security. Presentations are available on the ACT 2023 web page.

ISSA members from across the world presented their experiences and good practices, and discussed the road ahead on these crucial topics. “The International Social Security Association is here to support its member institutions in addressing major challenges that face society and preparing stronger and more resilient social security for the future”, said Marcelo Abi-Ramia Caetano, ISSA Secretary General.

Regarding climate change, it’s worth noting that ACT 2023 took place in parallel with the United Nations Climate Change Conference (COP 28), with world leaders gathered in Dubai, United Arab Emirates, to set new strategies on addressing climate change. ISSA has also addressed social security response to climate change in a recent analysis article.

During the conference, the ISSA also renewed an agreement with the International Actuarial Association (IAA). The two organizations will strengthen their cooperation in the time to come.